The property, built for $72 million in 2002 by Newport Beach, Calif.-based PLC Commercial Inc., went through a 2005 Chapter 11 bankruptcy before it was sold to Chicago-based Arthur Hill & Co. to be redeveloped.

After Arthur Hill defaulted on its loan, the lender -- Horsham, Pa.-based Capmark Financial Group -- took the property over and has operated it since July.

San Antonio-based Spigel Properties closed on the deal Friday, said owner Stanley Spigel. He would not disclose the price but said it was purchased in cash.

With 6 million square feet of property owned across the country -- and no debt on any of it -- Spigel said Fountain Walk is the type of property that can be very successful when purchased at a low price. He said the retailers, restaurants and entertainment tenants have high sales and the center is in a strong location near 12 Mile and Novi roads.

"We're getting this at a good price, so we'll be able to work with tenants and be very competitive," he said. "And since there's no lender involved, I can have a lease out to someone tomorrow."

Spigel expects to fill two vacant buildings and find users to build new buildings on vacant land.

Capmark was represented by Southfield-based NAI Farbman.

Daniel Duggan

UM tech incubator gets 1st tenant; 4 on the way

The first tenant has moved into the new Venture Accelerator technology incubator center at the University of Michigan's North Campus Research

Complex.

The 16,000-square-foot facility officially opened last week on the grounds of the 174-acre, 30-building former Pfizer Inc. campus in Ann Arbor. It will offer space for up to three years to companies spun off from UM by the school's tech transfer office.

The first tenant is Life Magnetics Inc., a medical-diagnostics company. Four other companies are expected to move in over the next few weeks -- Phrixus Pharmaceuticals Inc., EngXT LLC, 3D Biomatrix LLC and Civionics LLC. The incubator is expected to house about 15 startups, which will have access to three mentors in residence provided by the tech transfer office.

Tom Henderson

Energy Works Michigan wins $4.4M schools contract

Ann Arbor-based Energy Works Michigan has been awarded a $4.4 million contract to promote energy efficiency and assist in the installation of solar photovoltaics, solar thermal and wind systems in 90 Michigan schools.

The three-year contract was awarded by the Michigan Public Service Commission.

During the past two years, the Michigan Renewable Schools Program, operated by Energy Works, has helped to install 30 renewable energy systems at 24 school districts. The projects have generated more than 40,000 kilowatt-hours of solar and wind power.

Jay Greene

Caraco wins drug fight, but appeal expected

A federal judge in Detroit has given Caraco Pharmaceutical Laboratories news that could pave the way for the company to market a generic version of the Type 2 diabetes drug Prandin.

A spokesman for Novo Nordisk A/S, the Denmark-based pharmaceutical company that holds the patent for Prandin, said the company would appeal the decision by Judge Avern Cohn of the U.S. District Court for the Eastern District of Michigan.

After a six-year legal battle, Cohn ruled that Novo's patent on both Prandin and PrandiMet is invalid. Caraco had challenged the validity of the patent.

While the efforts are ongoing, Caraco said it is unable to predict when manufacturing and distribution will resume in Detroit.

Jay Greene

Crisler Arena renovations lead UM athletic projects

The University of Michigan Board of Regents last week approved the $52 million second phase of renovations and expansion of Crisler Arena, home of the Wolverines' men's and women's basketball teams.

The expansion will add about 63,000 square feet for new fan entrances, additional retail spaces and ticket areas, as well as a private club space, the university said in a statement.

All seating will be replaced and improvements will be made to access for people with disabilities.

The project will be funded by the athletic department budget and gifts, the school said.

Bloomfield Hills-based TMP Architecture Inc. and Denver-based Sink Combs Dethlefs will design the project. They previously designed the $23.2 million Basketball Player Development Center, which opens this year.

The regents also unanimously approved a $20 million plan to install high-definition video scoreboards at Michigan Stadium, Crisler Arena and Yost Ice Arena.

Bill Shea

Loft owner Midtown files for Chapter 11

Midtown Development Group Inc. has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court, Eastern District of Michigan.

Midtown Development owns and operates three Midtown Detroit loft projects: Willys Overland Lofts, Springfield Lofts and Stuber-Stone Lofts. The Willys project will continue to be managed by its majority owner, the Plymouth-based DeMattia Group, and Midtown President Bob Slattery will have a diminished equity stake in the project. DeMattia CEO Gary Roberts said the condo project is in no financial jeopardy and sales will continue.

Midtown lists four creditors on court documents: Bank of America, for a $1.3 million loan; the Detroit Economic Growth Corp., for a $300,000 loan; Invest Detroit, for a $20,000 loan; and the Wayne County treasurer, for $35,452 in taxes.

The company has between $1 million and $10 million in assets, according to court documents.

Slattery declined to comment.

Nancy Kaffer

CLARIFICATION: A previous version of this story failed to say that the bankruptcy of Bob Slattery's Midtown Development Group Inc. will not affect the Wilys Overland Loft condominium development, of which Slatterly was a partner.